Non-Residential Building Spending Projected to Decline Through 2021, Says AIA
The AIA released a mid-year update to its Consensus Construction Forecast on July 21, 2020. Read the update, by AIA Chief Economist Kermit Baker, below.
The construction sector appears to be faring during the pandemic more robustly than, for example, travel, hospitality, and most other service sectors that rely on face-to-face interaction. However, construction has not been able to altogether avoid the economy-wide decline. With so much of the economy in slowdown or shutdown mode, businesses and organizations are hesitant to invest in modernized or new facilities. As a result, construction spending ended its almost decade-long expansion this past spring, and it appears that it will remain in recession throughout 2020 and well into 2021.
You have 0 complimentary articles remaining.
Unlimited access + premium benefits for as low as $1.99/month.